Joint bank account to boost credit rating

1Penumbra

If I open a joint bank account with my son who has poor credit rating, will it improve his score as I have very good credit rating or will it be detrimental to me.

DCFC79

1Penumbra said:

If I open a joint bank account with my son who has poor credit rating, will it improve his score as I have very good credit rating or will it be detrimental to me.

You will be financially linked so yours might be affected.
But remember your score is only seen by you, your/his history is whats important.

Why is his history poor ?
If its poor due to debts etc then he should correct whats affecting his file.

MallyGirl

I would keep your finances separate- it won't help him and might harm you if you become financially associated 

MEM62

I would firstly acquaint yourself with what scores provided by CRA's are actually mean.  The short answer is nothing beyond entertainment value.  You son's credit standing however, would naturally improve with time and prudent management of his finances.   

Fighter1986

1Penumbra said:

If I open a joint bank account with my son who has poor credit rating, will it improve his score as I have very good credit rating or will it be detrimental to me.

Don't do that.

Your son needs to undertstand why he has a poor credit rating and address the situation patiently himself.

Do not put your self at risk or in harms way of his current situation. Guide him, absolutely, lead him to water, but good god don't take the drink for him.

unforeseen

I wanted a joint bank account with Bill Gates but he wouldn't let me. 

Fighter1986

Fighter1986 said:

1Penumbra said:

If I open a joint bank account with my son who has poor credit rating, will it improve his score as I have very good credit rating or will it be detrimental to me.

Don't do that.

Your son needs to undertstand why he has a poor credit rating and address the situation patiently himself.

Do not put your self at risk or in harms way of his current situation. Guide him, absolutely, lead him to water, but good god don't take the drink for him.

Just to clarify - if you have any joint financial association with your son in any way shape or form - like a joint current account - then anything irresponsible he ever does will negatively affect you - high levels of debt, lots of applications for credit, missed payments / arrears / defaults / CCJs / insolvencies - all of these will be visible to anyone you apply for anything from even if it's a sole application in your name only.

Once an association exists, your financial associates' credit file data is visible to any lender / bank / insurer / employer you apply to and is used to judge your application.

Aside from all that, it doesn't teach very good self sufficiency. I'm not judging you at all, it's parental love and no one can shun that; but remember.

Give a man a fish and he feeds his family for a day. Teach a man to fish and he feeds his family until OPEC contaminate the river. 

jsmith9

I know that the decision to do this will be heavily weighted by the fact that he is your son - of course you want to try and help him.

This is not the right course - it risks driving a wedge between you should anything go wrong in the future.

May advice, for what it's worth, is not to do it.